Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1887-03-15
Jefferson County Bonds.

Report OF =CoflQHtOn OF COtS7t2y III
debtedness, 6y Aessrs. Forrest W.
Bro,U,a and George Baylor, COM
mittee appointed at a Late Meeting
of the County Court.
The undersigned committee re-
specially make the following report
as to the status and condition OF the
bonded indebtedness of Jefferson
county:
Under the Act of 1870 authorizing
a subscription in behalf of the 5: v.
R. r. Co., the sum of $3.50, 600 in
bonds we're printed by the Board OF
Supervisors, and during the existence
of that Board the sum of s61.50O were
issued to said Railroad Company
After the Board of Supervisors were
succeeded by the County Court the
further sum of $50, 400 were issued
to said Railroad Company, leaving
unissued, and in the hands. OF said
Court the sum of So, 100, being bonds
of the denomination of 500 and the
following numbers: 14S, 40 to 1873
inclusive, and 1875 to $50 inclusive,
81 bonds. Allof the foregoing issue
of bonds bore 6 per cent. interest,"
The said 81 county bonds are now In
contest in the suit pendingin the Cir
cult Court of this county of Satterlee
& Co. vs. President of County Court.
The County Court out of County
Lcvies paid off 500 of the forego-
ing issue, viz: As bonds of the de-
nomination of 500 and numbered l,
2s, 20, So. SO, SO. 60, 81. 70, IL. ",
rs, "a, 80, 81, "a, "a, 81, 80, 10l,
1O2, 1O4, log. 1O7, 1O8, 100, 10, 116
to 1877 inclusive, and 141 to l45 in
elusive.
Under the Act of 1881 giving au-
thority to the County Court to refund
the outstanding bonded Indebtedness
of the county into bonds bearing not
exceeding 5 per cent. interest, the
Court caused to be printed $3.50, 900
in 5 per cent bonds. These bonds
were redeemable at the pleasure of the
county after three years, and were
not liable for county or municipal
taxes and were receivable for all dues
to the county. Eugene Baker, Esq,
was made the agent of the county to
sell these bonds and take up the out
standing per cent. bonds. During
his agency he sold S116.90O Of the 3
per cent. bonds and called in SlO3,-
400 of the per cent. bonds, and
there was in hands of Baker at time
of resignation of his agency, principal
and interest, S5,537.S5 for redemp-
ton of outstanding per cent. bonds,
which was turned over to Mr.. Amman,
the agent who succeeded Mr.. Baker,
and applied by him to this purpose.
The sum of 200 was also levied by
the county and placed In Mr.. Annan's
hands for the purpose OF redeeming
$4,000 of the outstanding G's and
equalizing the amount of outstanding
IS and the 6's redeemed. The dis
crepancy of $4,000 between the
amount of IS sold by Baker (s1l6,-
900O and the amount of 6's redeemed
by him (s103. 400) and fund in hand
SIS, 537. So, making total sos. 1915 So.
was caused by Mr.. Baker paying in
terest coupons on the bonds called in
by him. the county not having levied
any fund in his hands for the purpose,
and part of the levy for that pur-
pose not nay!ng e. oeen col!eete sa1 * 'ne
o. R. r. Co., which amountsTto about
SIS. 900. and which will probably he
collected in short time, and the
holders of the bonds demanding when
bonds redeemed Gas they had right
to do) both principal and interest.
=, 4Iarafora fcs.t1nI MI
outstanding $4,000 of the SIS of
1881. In 1886 the County Court
caused to be printed S12S. 600 of 5 per
cent. semi-annual bonds, redeemahle
at pleasure of county three years after
date, and appointed Mr.. Amman agent
of county to negotiate sl20.5OO OF
these bonds, the residue, SO, 100, are
retained by County Court unsigned
to await the issue of the suit between
Satterlee & Co. and County as to S.
100 Of the original 6's, and in case Of
an adverse termination of that con-
troversy to he used to refund said
IS. 100 Of 6's.
Mr.. Amman has, we understand,
sold said S12O, 800 of the 5 per cent.
semi-annuaIs, and with the proceeds
of sale, the 5,537.s5 paid him by
Baker and the $4,000 levied in his
hands, called in, we are informed,
S134 900 of the outstanding 6's, max
ing total outstanding 6's called in by
Baker and Amman S237 400, and paid
off by County 81, 500, s241, 900. which
with So, 100 unissued and now in suit
make the original subscription Of
s25O,OOO.
The bonded debt of the county at
present is S237, 400, viz: S116.900 Of
5 per cent. ANIMALS and Sl20, 500 Of
5 per cent. semi-annuals. subject to
be increased $500, if county should
be required to issue the said So, 100
in bonds vet unissued, which we hard
ly deem probable. When the County
Court in 1886 placed the s120,5 500 in
bonds in hands of Mr.. Amman for sale,
it made the following order:
TX THE COUNTY CouRr, May 5th, 1886
On motion, it was ordered that the President
of this Court make application III the name of
this County to the next Legislature of this State
indebtedness of this County in bonds of such
denomination as may he advisable, bearing in
tcrcst at the rate of per cent. per annu1n, pay
able scmi-annuallv on the first days of April
and October in each year. at such Banking
House or other place as may be designated.
said bonds to be PAYABLE in not less than 25 nor
more than 50 years from date. and this Court